Sen. Dodd bill would reform mortgage practices

WASHINGTON (MarketWatch) -- Senate Banking Committee Chairman Christopher Dodd, D-Conn., said Wednesday he will introduce a bill aimed at protecting homeowners, particularly in the hard-hit subprime mortgage market. The bill would ban prepayment penalties, prohibit "steering" of custommers to higher-priced loans and take other steps. "My bill will help keep Americans in their homes while also helping to restore public confidence in our mortgage and capital markets," said Dodd, who is running for president. Dodd's announcement follows regulators' guidance to banks on Tuesday to help borrowers avoid foreclosure, and steps unveiled last week by President Bush to allow some refinancings.

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